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来源类型Working Paper
规范类型报告
DOI10.3386/w29972
来源IDWorking Paper 29972
An Evaluation of the Paycheck Protection Program Using Administrative Payroll Microdata
David Autor; David Cho; Leland D. Crane; Mita Goldar; Byron Lutz; Joshua K. Montes; William B. Peterman; David D. Ratner; Daniel Villar Vallenas; Ahu Yildirmaz
发表日期2022-04-25
出版年2022
语种英语
摘要The Paycheck Protection Program (PPP), a principal element of the fiscal stimulus enacted by Congress during the COVID-19 pandemic, aimed to assist small businesses to maintain employment and wages during the crisis. We use high-frequency administrative payroll data from ADP--one of the world’s largest payroll processing firms--to estimate the causal effect of the PPP on the evolution of employment at PPP-eligible firms relative to PPP-ineligible firms, where eligibility is determined by industry-specific firm-size cutoffs. We estimate that the PPP boosted employment at eligible firms by between 2 percent to 5 percent at its peak in mid-2020, with this effect waning to 0 to 3 percent throughout the remainder of the year. Employers retained an estimated additional 3.6 million jobs due to the PPP as of mid-May 2020, and 1.4 million jobs at the end of 2020. The implied cost per year of employment retained was $169,000 to $258,000, equal to 3.4 to 5.2 times median earnings.
主题Macroeconomics ; Consumption and Investment ; Public Economics ; Taxation ; Labor Economics ; Labor Compensation ; COVID-19
URLhttps://www.nber.org/papers/w29972
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/587646
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David Autor,David Cho,Leland D. Crane,et al. An Evaluation of the Paycheck Protection Program Using Administrative Payroll Microdata. 2022.
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